CAPM Exam Study Guide Graded A 2024

Project Management - The application of knowledge, skills, tools, and techniques to project activities to meet project requirements a systemized, phased approach to defining, organizing, planning, monitoring, and controlling projects The five Project Management Process Groups are: - "Initiating, Planning, Executing, Monitoring and Controlling, and Closing" Process Groups - 1. Initiating 2. Planning 3. Executing 4. Monitoring and Controlling 5. Closing Parametric Estimating - Initiating - processes that BEGIN the project Planning - Processes that create the PLANS that will govern the work Executing - Processes that EXECUTE the Plans and produce work Monitoring and Controlling Process Group - processes that compare the work results to the plan and make adjustments for the future. The project management process group oversees, measures, and tracks project performance. Those processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes. Closing - the process that completes the project, phase, or component of a project. 49 processes of project management - see picture... 1.2.3.1 Overview - Projects may be managed in three separate scenarios: as a stand-alone project (outside of a portfolio or program), within a program, or within a portfolio. Program and project management focus on doing programs and projects the right way; and portfolios management focuses on doing the right programs and projects. 1.2.3.2 Program management - Focuses on interdependencies between projects and between projects and the program level to determine the optimal approach for managing them. 1.2.3.3 Portfolio management - A portfolio is defined as projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives. 1.2.3.4 Operations management - Operations management is an area that is outside the scope of formal project management as described in this guide. Is concerned with the ongoing production of goods and/or services. Ok ensures that business operations continue efficiently by using the optimal resources needed to meet customer demands. It is concerned with managing processes that transforms inputs into outputs. 1.2.3.5 Operations and project management - Projects can intersect with operations when: developing a new product, improving process, at the end of the product life, and at each close out phase. 1.2.3.6 Organizational project management (OPM) and strategies - Portfolio: aligns portfolios with strategies by selecting the right programs and projects. Programs: harmonize its components and controls interdependencies in order to realize specific benefits. Projects: enables the achievement of goals and objectives. What is the relationship between project program and portfolio management? - A program is a group of projects that are similar or related to one another, and which are often managed and coordinated as a group instead of independently. A portfolio is a group of different programs and/or projects within the same organization, which may be related or unrelated to one another.